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Why Now Is A Good Time To Review Your Company’s Health Insurance Coverage

Why Now Is A Good Time To Review Your Company’s Health Insurance Coverage

It’s almost Fall and before you know it, you’ll be planning your company Christmas party. It has almost been another year in the books, and your mind is probably already thinking about your 2023 business plans. 

Before you round out the year, it’s important to take time to review your current employee health insurance plan and decide if now is a good time to upgrade or pick a new plan for the team. Here’s why.

Employee Retention

According to the Society for Human Resource Management, 56 percent of U.S. workers said a key factor in deciding to stay at their job was dependent on if they liked their health coverage. In the same survey, 46 percent also said health insurance was a deciding factor in choosing their current job.

Retaining the employees you have already trained and learned to trust is a small price when debating whether to pay more for a better insurance policy that will keep your team not only happy but healthy.

Your Team Grew Or Shrunk

Did your team grow or shrink in 2022? Whether you added a few new seats or downsized a team, having a change in staffing numbers means it’s a good time to reassess your current company insurance policy for potential tax breaks or a better plan at a better price.

Plus, when you’re ready to hire or grow, your updated health insurance plan will be a great benefit that can help recruit skilled individuals to your company. Not only is it the right thing to do, but health insurance is an investment in your own business.

New And Better Health Insurance Options

Did you buy your current policy directly without utilizing a skilled broker? Did you shop around and compare plans or choose the first one that seemed reasonable? 

If so, you and your employees might be missing out on a more robust and well-rounded plan with better rates and coverage that could save you and your employees money in the long run.

Schedule A Free Consultation

Buying or changing a health insurance plan for your employees can get expensive, and at a time of budget cuts, it might not feel feasible. But SFM Insurance can help find a plan that is within your budget and one that will make your employees happy.

If you’re ready to review your business health insurance coverage or find an updated policy that better meets the needs of your employees, reach out for a free consultation today. For more tips and our latest updates, visit us on Facebook, Twitter, or LinkedIn!